While you do need to combine the 1098s together, box 7 should be the amount that is from the original. Add the totals from both Box 1's and enter that number.
Follow these steps to enter your mortgage information:
- Gather all of your 1098 forms related to your refinance (the form from your original lender and the form from your new lender)
- Grab a calculator and add together the box 1 amount from each form. Enter the total in TurboTax as Box 1 Mortgage interest.
- Add the Box 5 amount from each form and enter the total as Box 5 Mortgage insurance premiums. (If you weren’t required to pay mortgage interest, these boxes will be blank on your forms and you won’t enter anything.)
- Add the property tax paid from each form and enter it in the Property (real estate) taxes box.
Next, finish adding info for boxes 2, 3, 7, and 11 using Form 1098 for the original loan.
@Stryker15
